Based on the idea of self-regulation, corporate social responsibility (CSR) builds a sense of social accountability in companies toward all stakeholders, the general public, and the company itself. This corporate citizenship has various social, economic, and environmental aspects (Fernando, 2021). Activities such as reduction of carbon footprints, global philanthropy, improved labor policies, etc., enable companies to become socially responsible (Digital Marketing Institute, 2021). For an extensive company like Facebook, accountability is also high.
Facebook fulfills its philanthropic responsibility through various measures, and Facebook Social Impact (FSI) is one such important platform. Congruent to Facebook’s mission of bringing the global community together, FSI nurtures a community that empowers other people. Donations are processed through charitable giving tools using Facebook Payments. Facebook supports donate buttons, page fundraisers, and live video donations (Facebook Social Impact, 2021).
Facebook has a huge corporate social responsibility owing to its worldwide users. As part of its CSR, Facebook considers its users as prime stakeholders and works towards maintaining and increasing its user base. Some of the areas that Facebook strives towards in this regard are data privacy and security, advertisement, and attractiveness of the layout. It values its employees through high compensations and opportunities for career development, all the while complying with the government’s policies (Kissinger, 2018).
As a company, Facebook is determined to maintain its place as one of the leading social media companies. It is steadfast in promoting socially and environmentally conducive policies by safeguarding the interest of users, advertisers, employees, and the government (Kissinger, 2018).
Although Facebook is on the right path to becoming a socially responsible company through its philanthropic measures and employee-friendly policies, it must, however, ensure increased cyber security and protect user data. It must update its policies to safeguard the rights of its user base that is multiplying each day.
References
Digital Marketing Institute. (2021). 16 brands doing corporate social responsibility successfully. Retrieved from Digital Marketing Institute: https://digitalmarketinginstitute.com/blog/corporate-16-brands-doing-corporate-social-responsibility-successfully
Facebook Social Impact. (2021). Charitable giving: Raise money and awareness for your cause on Facebook. Retrieved from Facebook Social Impact: https://socialimpact.facebook.com/charitable-giving/
Fernando, J. (2021). Corporate Social Responsibility (CSR). Retrieved from Investopedia: https://www.investopedia.com/terms/c/corp-social-responsibility.asp
Kissinger, D. (2018). Facebook Inc. Corporate Social Responsibility & Stakeholder Analysis. Retrieved from Panmore: http://panmore.com/facebook-inc-stakeholders-corporate-social-responsibilities
